The franchise was established in 1961 as the Chicago Packers based in Chicago, Illinois, and were renamed the Chicago Zephyrs the following season. In 1963, they relocated to Baltimore, Maryland, and became the Baltimore Bullets, taking the name from a previous team of the same name. In 1973, the team changed its name to the Capital Bullets to reflect their move to the Washington metropolitan area, and then to Washington Bullets in the following season. In 1997, they rebranded themselves as the Wizards.

Wes Unseld was selected with the second overall pick by the Bullets in the 1968 NBA draft. As a rookie, he helped lead the Bullets (which had finished in last place in the Eastern division the previous year) to a 57-25 record and a division title, joining Wilt Chamberlain as the only two players in NBA history to be named the NBA Most Valuable Player during his rookie season.

On February 21, 2003, Michael Jordan dropped 43 points four days after his 40th birthday in an 89-86 win over the New Jersey Nets. He also grabbed 10 rebounds and had 4 steals.

Famed for his rebounding, bone-jarring picks and ability to ignite a fast break with his crisp, accurate outlet passes, Wes Unseld made up for his relative lack of size as a center with brute strength and sheer determination. In 984 NBA games -- all with the Bullets -- Unseld averaged a double-double in points and rebounds. He took the Bullets to four NBA Finals, and won the championship in 1978, earning Finals MVP honors. His No. 41 jersey was retired by the Bullets shortly after his 1981 retirement, and he was inducted into the Naismith Memorial Basketball Hall of Fame in 1988.

The inaugural pick of the franchise, Walt Bellamy was named NBA Rookie of the Year in 1962 after having arguably one of the three greatest rookie seasons in NBA history (along with Wilt Chamberlain and Oscar Robertson). His 31.6 points per game average that season is second all-time for a rookie to Wilt Chamberlain's 37.6, and the 19 rebounds per game he averaged that season is the third-best all-time rookie mark (to Chamberlain's 27 and Bill Russell's 19.6).

Gilbert Arenas was nicknamed "Agent Zero", due to his jersey number and his late-game shot-making ability. He was also nicknamed "Hibachi", a nod to the small Japanese cooking stove, which literally translates to "bowl of fire."

The shortest player ever to play in the National Basketball Association, the 5 ft 3 in (1.60 m) Bogues played alongside the second tallest player in NBA history, Manute Bol, during the 1987-88 season for the Washington Bullets. Their difference in height was 28 inches (71 cm).

After Wes Unseld's retirement in 1981, he moved into a front office position with the Bullets, where he served as vice president for six years before being named head coach in 1988. He resigned following the 1994 season with a 202-345 record (.369).

The 1978 NBA Finals featured the Western Conference champion Seattle SuperSonics against the Eastern Conference champion Washington Bullets. The Bullets defeated the SuperSonics in seven games to win the NBA championship. Bullets power forward/center Wes Unseld was named MVP of the series.

In the team's very first NBA season, center Walt Bellamy set a single-season franchise record that still stands today with 2,495 points.